Industry representatives say generating reports on suspicious activity can be labor intensive, and that financial institutions need institution-specific feedback on whether the reports they submitted were useful.
The Government Accountability Office (GA) recently released a report finding the Financial Crimes Enforcement Network (FinCEN) does not consistently communicate with all supervisory and law enforcement agencies on implementing Bank Secrecy Act/anti-money laundering (BSA/AML) regulations.
Read on for highlights from the GAO’s study.
TO READ THE FULL STORY
Cover Story: